Jarek Moleda on Medical Device Development Strategies

According to Jarek, the main obstacle in medical device industry is the long product development cycle and the corresponding regulatory, financial and business risks. Product commercialization may take 3-5 years from when the idea was first generated since it takes a lot of time to complete all the required stages to ensure that the final version of the product is safe and effective for its intended use. The long timeframe sometimes causes investors to choose industries with shorter development cycles. To help companies not lose their investors, Jarek has come up with seven recommendations that will speed up the development process and at the same time mitigate risks and prevent costly mistakes.

Medical device firms have to operate under required international standards and all new product development should be done in compliance with the required processes and procedures. Since doing all of them takes time, Jarek suggests that companies run some activities in parallel or start others sooner despite sequence logic. This will accelerate the development process while avoiding delays.

Jarek also recommends that companies develop a constant feed of business opportunities generated internally and externally, such as concepts, models or prototypes. These could come in handy when a sudden need for it arises. Developing multiple variations of the product will also be a big help since it will help reduce the instances of late stage changes, which costs time and money.

Investing in prototype tooling and lower scale production is one of Jarek’s recommendations as well. The earlier the product prototypes are made ready for show or for limited launch, the earlier evaluation process by customers can start.

Other strategies mentioned by Jarek include hiring an in-house external IP counselor that will help with concerns and issues regarding patent protections and seeking licensing even from competitors, and finding a good balance between creating a robust design and optimizing the manufacturing process.

Apart from running parallel activities, constantly feeding the development pipeline, developing multiple variations early, investing in prototype tooling, starting IP and regulatory activities sooner, and balancing design and quality for initial launch, Jarek also believes that shortening the product development cycle efficiently involves having an effective project team management. Without the right people, there will be no effective product development. 

Source: http://newswire.net/newsroom/pr/00092474-jarek-moleda-on-medical-device-development-strategies.html